KAMPALA, Uganda - The growing penetration of modern internet technologies gives rise to new opportunities for the insurance industry.
So; Insurance Regulatory Authority (IRA) embraces digitalization as the new licensing system of insurance companies and agents in Uganda.
The remarks were made by the Insurance Regulatory Authority (IRA) Chief Executive Officer (CEO) Kaddunnabbi Lubega at the launch of the online insurance companies and agents licensing system at Silver Spring hotel - Bugolobi over the weekend.
He told participants that online licensing will ease the way products will be required by customers. This is in line with modern technologies where other financial institutions like banks have adopted the culture.
He reminded them that the role of the insurance Agency is to help insurance companies to generate new business by contracting potential customers and selling one or more types of insurance which is central to the development of the insurance industry in Uganda.
‘With over 1137 agents licensed this year, yet the number is still growing, it is important that the application and licensing process is in timely manner so that insurance business and commissions are not lost. ‘
‘as we launch this system today, please note that we shall shortly advise you to stop submitting the paper based applications unless expressly requested. In addition, in case you find any challenges during the implementation process of the system, IRA will always be ready to provide you with all the necessary support required’ , he said.
He extended special thanks to Data track for designing the system and called on them to keep their doors open to respond to any queries and challenges should they arise during the implementation of the system.
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